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THE WisdomTree BLOG

WisdomTree / Macro Alerts, Equities, Europe / Eurozone, Small Cap 31 Aug 2017

Why you can't afford to miss European small caps

WisdomTree

After getting past a variety of elections—most notably the French presidential election—without anti-market sentiment spreading throughout Europe, we have seen a relatively large shift in equity market performance. Fundamentals within Europe were allowed to drive performance as opposed to equity markets needing to be wary of Brexit or Trump-like election surprises.

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Nizam Hamid / Education, Equities, Europe / Eurozone 30 Aug 2017

How to use ETPs to manage equity risk

Nizam Hamid
Equity markets, as represented by MSCI Europe and the Euro STOXX 50, have generally followed positive trends reaching multi-year highs in the middle of May this year. At the same time investors have been faced with a benign environment in terms of volatility. This has been the case for both realised volatility that has remained at low levels, and Euro STOXX 50 Implied Volatility that has only recently drifted higher on the back of rising geopolitical tensions. The European macro-economic backdrop for equities has remained positive with a renewed focus on stronger underlying growth, and limited political risk compared to the first part of 2017. However, as recent market events have shown there is every reason for investors to consider efficient tools to help manage overall portfolio risk.
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Nick Leung / Macro Alerts, Equity Income, Europe / Eurozone, FX / Currency Hedging 10 Aug 2017

Positioning defensively in Europe with yield premium intact and more sustainable dividends

Nick Leung

Part one of our European index rebalance articles highlighted an investment case for our Eurozone Quality Dividend Growth and Europe Small Cap Dividend strategies. In part two we now explore the valuation, style and country/sector opportunities for WisdomTree's Equity Income and Export-Tilted strategies.

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Nick Leung / Macro Alerts, Europe / Eurozone, Small Cap, Equity Income 27 Jul 2017

2017 European rebalance: Bullish bets in small cap dividend payers and quality dividend growers

Nick Leung

WisdomTree’s European equity ETF strategies1 rebalanced in June. Emerging from the rebalance are stronger fundamentals against discounted valuations, which preserve the attractive yield and growth proposition of broad and small-cap dividends payers in Europe. Together, these diverse styles and strategies may allow investors to fine-tune their European exposure just as France’s pro-growth, pro-EU reform agenda reawakens investor appetite for the region.

 

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Viktor Nossek / Macro Alerts, Equities, Equity Income, Europe / Eurozone 19 Jul 2017

European macro outlook: Italy

Viktor Nossek
Italy’s failure to pass a new electoral law last year means it must now hold elections during a period when the 2018 budget must be approved. This presents a risk to political stability. Unless Italy gets budgetary flexibility and is allowed more leeway for deficit spending from the EU, the budget is unlikely to get sufficient parliamentary backing. The instability this creates politically provokes renewed speculative attacks on Italian sovereigns and bank stocks. Italy’s fragile government and banking sector means the President and head of state Sergio Mattarella —who has the sole power to dissolve parliament—will not risk elections to take place without a budget signed off first. Given the high stakes, it may mean elections get pushed back to 2018. The Eurosceptic 5 Star Movement, despite having suffered several setbacks in recent local elections, continues to poll strongly nationally and is neck-on-neck with the centre-left Democratic Party. 
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Viktor Nossek / Macro Alerts, Equities, Equity Income, Europe / Eurozone 19 Jul 2017

European macro outlook: UK

Viktor Nossek
Expectations of a hard Brexit that triggered a marked devaluation of Sterling last year have effectively reversed since a now markedly weakened PM in charge of a minority government must lead the exit negotiations with diminished political capital/leverage. Britain looks ready to make more concessions to the EU than previously envisioned. Philip Hammond, UK’s finance minister, has already stated that the vote to leave the EU was not a vote for Britain to become insecure or poorer, thus prioritising the economy over anything else. We believe the stance by taken by the Treasury Department will help to stabilise the Sterling in the short term.
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Viktor Nossek / Macro Alerts, Equities, Equity Income, Europe / Eurozone 12 Jul 2017

European macro outlook: France

Viktor Nossek
Macron’s labour market reforms appear difficult to enact in the face of historic stiff opposition from labour unions. But unlike his predecessor Francois Hollande, who ran on a socialist agenda, Macron is different in that as an “independent” he can be more confrontational with labour unions and force them to negotiate. The clear pro-business mandate laid out in his reform agenda during his campaign should make it politically easier for Macron to extract more concessions from labour unions than Hollande ever could. Ruling by decree also means he could bypass parliament seeking amendments to bills.
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Viktor Nossek / Macro Alerts, Equities, Equity Income, Europe / Eurozone 10 Jul 2017

European macro outlook: France reform agenda aids bullish Eurozone growth, Italian elections undermine Euro

Viktor Nossek

Sentiment in Eurozone risk assets has improved. Macron’s pro-EU and pro-growth reform agenda and EU regulators’ swift intervention to deal with weak lenders and bad loans are a major driving force to sustain it. A softer version of UK’s exit from the EU also means UK risk sentiment should stay upbeat as uncertainty over trade and capital flows is reduced.

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Nick Leung / Macro Alerts, Europe / Eurozone 04 Apr 2017

Our thoughts on how to position around the first round of French elections

Nick Leung

The French Presidential election looks set to be a three-way contest between Marine Le Pen, Emmanuel Macron and Francois Fillon. One of these candidates will be eliminated following the first-round elections on Sunday 23 April, and we foresee three scenarios potentially unfolding.

This article outlines our view on each scenario and provides an asset allocation perspective on how investors might position tactically using short and leverage ETPs and strategically, through our smart beta ETF solutions.

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Viktor Nossek / Macro Alerts, Europe / Eurozone 30 Mar 2017

ECB tapering: positive for Italian banks

Viktor Nossek
The Eurozone’s deeply discounted banking sector—particularly Italy’s—offers investors a potential entry point as long-dated government debt comes under pressure and the yield curve steepening that this instigates has revived carry trade opportunities.
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Nizam Hamid / Macro Alerts, Europe / Eurozone, Equity Income 09 Dec 2016

The Euro is falling – Here’s our view on how to benefit

Nizam Hamid
First it was the US Election. Then it was yesterday’s ECB announcement which caused another dip in EUR vs USD. At the time of writing, the markets seem to be digesting the news and the Euro is recovering, but in reality, we believe this has only served to accelerate a trend that has been apparent from our point of view for most of the year. The Euro’s recent peak versus the USD was in early May when it was trading at over €1.15[1] to the USD, while it’s now trading at around €1.061, a fall of around 8%. The prospects for the Euro are also shrouded in political risk uncertainty with the Italian referendum result and upcoming elections in France and Germany in 2017.
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Viktor Nossek / Macro Alerts, Europe / Eurozone 05 Dec 2016

Italy votes no. How are you positioned?

Viktor Nossek
Italy has spoken and now’s a good time to shift the spotlight onto your portfolio and ask yourself: how am I positioned? In our article, we outline our thoughts on positioning your portfolio for both the short-term and the long-term using Exchange Traded Products (UCITS ETFs and Exchange Traded Notes).
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Nizam Hamid

ETF Strategist

Nizam Hamid is an ETF Strategist for WisdomTree in Europe and has extensive experience in the European ETF market. Prior to this he was at C8 Investments, a systematic hedge fund, focusing on business development and quantitative strategies, before that he was a consultant at FTSE. From 2010 to 2012, he was Head of ETF Strategy and Deputy Head of Lyxor ETFs, at the time Europe’s second largest ETF issuer. Before joining Lyxor he was Head of Sales Strategy for the Europe and the Middle East at iShares in London. Prior to that, he was Global Head of ETFs, Portfolio and Index Strategy at Deutsche Bank from 1998 to 2008. He has also worked as a quantitative analyst in London and Tokyo for UBS, BZW and Bankers Trust / NatWest Markets. He holds a Degree in Economics from the University of Liverpool.

Viktor Nossek

Director of Research

Viktor, who has over 14 years’ experience in research, joined the firm from Renaissance Asset Managers where he was Head of Research. Viktor provides macro research on various themes covering equities, commodities and fixed income. His research for WisdomTree in Europe offers investment strategies for the current range of Smart Beta UCITS ETFs as well as the Boost range of short and leveraged Exchange Traded Notes. Viktor has previously worked as a Research Analyst at BlackRock and Thomson Financial. He started his career as an Equity Strategist at Commerzbank, after he completed a Masters in Economics from Maastricht University, in the Netherlands.

Nick Leung

Research Analyst

Nick Leung is a Research Analyst for WisdomTree in Europe. He is responsible for macroeconomic commentary and analysis, formulating investment strategies and trade ideas, as well as the maintenance of research collateral. Prior to joining in 2015, Nick was at Source, having completed his Master’s Degree at Imperial College London. During this time he was also involved in an ice-cream entrepreneurship project with Unilever. Nick holds a BA in Economics from the University of Nottingham.

Jose Poncela

Head of ETNs

Jose is Head of ETNs for WisdomTree in Europe and is responsible for managing WisdomTree’s Boost ETP platform and products. Prior to joining Boost/WisdomTree as a founding employee in 2012, Jose held positions as a structurer of strategic equity transactions at UBS and Nomura and qualified as an attorney working for a major US law firm. He holds an MBA from London Business School, Master in Laws from Fordham University in New York and legal and business degrees from Spanish universities.

Jesper Koll

WisdomTree's Head of Japan

Jesper Koll was appointed Chief Executive Officer of WisdomTree Japan on July 1, 2015. Over the past two decades Jesper has been consistently ranked as one of the top Japan strategists/economists, working as Chief Strategist and Head of Research for major U.S. investment banks J.P. Morgan and Merrill Lynch. His analysis and insights have earned him a position on several Japanese government advisory committees and Jesper is also one of the few non-Japanese members of the Keizai Doyukai, the Japan Association of Corporate Executives. He has written two books in Japanese, Towards a New Japanese Golden Age and The End of Heisei Deflation. After arriving in Japan in 1986 Jesper initially worked as an aide to a Member of Parliament. Jesper has a Masters degree from the School of Advanced and International Studies at Johns Hopkins University and was a research fellow at both Tokyo University and Kyoto University. He is a graduate of the Lester B. Pearson College of the Pacific.

Vania Pang

Capital Markets and Investment Solutions, Index and Quantitative Investment, ICBC Credit Suisse Asset Management (International) Company Limited

Ms. Pang is responsible for Capital Markets and Investment Solutions functions of the Index and Quantitative Investment department at the ICBC Credit Suisse Asset Management (International) Company Limited. From 2012 to 2016, Ms. Pang was the Vice President of Corporate Strategy and Development, Asia Coal Limited, where she led the strategic mergers and acquisitions, capital raising and investor relations management. Prior to that, she was the Associate Director, Business Development of Crown One Asset Management Company Limited, responsible for sales and marketing of fund products. Between 2007 and 2008, Ms. Pang was Assistant Manager, Public Distribution Hong Kong (Equity Derivatives and Private Investor Product Sales) of RBS, handling sales and marketing of listed equity derivatives products. Before joining RBS, she was an anchor and reporter with the Cable TV and Hong Kong Economic Journal.

Ms. Pang holds a M.Sc. in Development Finance from The University of Manchester, a M.A. in Journalism and a B.A. in Business Administration from The Chinese University of Hong Kong. 

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